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Maduro joins the idea of a common currency in Latin America: “We would show ourselves united before the world”

The president of Venezuela, Nicolás Maduro, has called this Wednesday for the creation of a common financial system that includes the member countries of the Community of Latin American and Caribbean States (CELAC), putting the European Union as a reference.

“We must create the financial and monetary system of Latin America and the Caribbean and move forward in that space. Latin America and the Caribbean have to have an economic integration bloc and a monetary system with a Latin American and Caribbean currency,” said the president. Venezuelan in statements to the press during the presentation of a new science park in the country.

Maduro has agreed with the recent proposal of his Argentine and Brazilian counterparts, Alberto Fernández and Lula da Silva, respectively, for the creation of a common currency, assuring that it would be a great achievement for peace, the development of Latin America and of the world.

“We would show ourselves to the world united. With a monetary system, with a currency, with integrated economies. Do you realize that it is the way?”, the Venezuelan head of state asserted during his speech.

In this sense, he has affirmed that the European Union “is a reality” and that he has known how to build strong institutions that govern the unity of action in matters such as the economy or political development.

“We see Europe and many people admire them. The framework and the institutions that the European Union was able to build in 30 years. And the power that these institutions have over the economy and over the life of their societies, over political development, over Europe”, highlighted the Venezuelan president.

Likewise, he has underlined the role of the African Union (AU), assuring that it is “an important power” despite the “unfair colonialist treatment that the world of the North gives to Africa.” “The AU is a powerful union, which has a set of recognized and highly effective institutions,” he stressed.

Previously, the president of Brazil, Lula da Silva, and his Argentine counterpart, Alberto Fernández, have shown their willingness to put into circulation a commonly used currency to boost foreign trade and transactions between the two countries, with an eye on expanding this union with the rest of the Latin American countries “in the long term” and avoid that the commercial policy of the region depends on the dollar.

Specifically, the currency of use that would be known as ‘South’, is only a project that both countries expect to launch “soon”, while waiting to know the details of the proposal by the high-level negotiating table. .

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